CBN asks merchants, traders to embrace e-Naira │The Nation.

The Central Bank of Nigeria (CBN) yesterday asked merchants and traders across the country to embrace the Central Bank Digital Currency (CBDC)- the eNaira.

At a media briefing on eNaira in Lagos, Otaru Abdulkadir, Giant team of the eNaira project, said the widespread use of the eNaira platform will ease the pain and hardships associated with the ongoing cash shortage.

Abdulkadir, who represents Rakiya Mohammed, eNaira project coordinator at the Central Bank of Nigeria, said eNaira will support trade and complement naira as a means of settling transactions.
He said CBN will continue to educate the public on the key benefits to be gained from using eNaira.
According to him, the USSD platform is very secure and with the development of his eNaira extension service through the eNaira USSD channel (99750#), more people, including people at the grassroots level, can use the service. will be available.

Bayo Akintoye, CEO of Bullnet Bulletin and Inquiries Networking Services, said in a presentation that eNaira has what it takes to alleviate the hardships Nigerians face from cash shortages.

 He said CBN is working with his Chams mobile Limited, a CBN-licensed mobile money operator and super agent, to address challenges faced primarily by the unbanked.

 She said eNaira was established under her Project Giant initiative and was launched by the President of the Federal Republic of Nigeria in October 2021.

 “Nigerians are expected to proudly connect with this innovation and register to own eNaira wallets. These wallets will be funded directly with cash-purchased vouchers (such as GSM top-up cards). or through a web portal through a bank account funded using a bank card or through electronic payments through authorized agents,” he said.

 “Users can also transfer eNaira from one wallet to another by simply entering the recipient’s phone number. The service sends eNaira directly from one wallet to an ATM, allowing it to be transferred to a bank account or card. It also allows users to withdraw funds by withdrawing cash equivalents without the need for . Users can also transfer eNaira to specific bank accounts for savings and further transactions,” he said. added.

 Balogun Business Association Chairman Oscar Ikechukwu also said the campaign to bring eNaira to the grassroots and market would improve acceptance of the payment platform.

 He has pledged to work with CBN and other stakeholders to ensure that payment channels are accepted by merchants.

 He said the fact that USSD does not require the Internet to function effectively would make it easier for people to accept it.